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Full Transcript: Washington City 4 April 1834, Dear Sir, Your favour of the 13th march came safe to home by the last mail and I will hasten to answer its contents I am enjoying good health and hope these lines may find you and family in good health I will now give you a history of the times at head quarters we are still engaged in debating the great question of the removal of the deposits this question have consumed almost the whole of the session thus far we have done no other business except to pass some few private Bills I do hope we [struck: will] [inserted: may] dispose of it next week the Senate took the vote last week on Mr Clay’s Resolution first resolution was that the secretarys reasons were insufficient and and [sic] was not sattisfactory to the Senate and the other was that the President has violated the law and the Constitution the first Resolution was addopted 28 to 18 and the Second by a vote of 27 to 19 and there was two absent Senators which would have voted with the majority this was the votes of the Senate and I hope the vote may be to him in the house next week it will be a close vote both partys claim the victory I still am of opinion that the house will addopt Similar Resolutions, to that of the Senate, my reasons for these opinions is that in so large and intelligent a boddy of men called Honorable men cannot violate principle so much as for a majority to vote for a measure that every man that knows any thing must acknowledge is contrary to the laws and Constitution I have conversed with some of our own - [2] members that has acknowledged that the act was not right that Jackson had not a friend in Congress but what was sorry that the act was done but that they must sustain their party this is what may be - called forsaking principle to follow party this is what I hope ever to be excused from I cannot nor will not forsake principle to follow after any party and I do hope there may be a majority in Congress that may be governed by the same motive these are the reasons that induce me to believe we will gain this great question , I do consider the question now before Congress is one of deep interest to the american people the question is whether we will surrender up our old long and happy mode of government and take a despot If Jackson is sustained in this act we say that the will of one man shall be the laws of the land this you know the people will never submit to - I do believe nothing keeps the people quiet at this time only the hope that Congress will give some relief to the Country, we have had memorials presented to Congress from more than three hundred thousand people praying for the restoration of the deposits and a renewal of the Charter of the United States Bank they State that the manufacturers have nearly all stoped and dismissed their hands and that there is men women and children roming over the Country offering to work for their [struck: victuals] victuals you know that such a state of thing cannot be kept quiet long this have never been the case before since previous to the old war the people petitioned in vain for some [3] time and at length we knew what followed and this is my great dread is a civil war. I do consider the South Carolina question nothing to compare with the present moment we see the whole circulating medium of the country deranged and destroyed and the whole commercial community oppressed and distressed and for what Just to grattify the ambition of one man that he may reck his vengance on the United States Bank and for what Just because it refused to lend its aid in upholding his party The truth is he is surrounded by a set of imps of famin [sic] that is willing to sacrifice the Country to promote their own intrest, I have no doubt of the people getting their eyes open yet in time to defeat the little political Judias Martin vanburan although they have all chances never was the money of rome more compleat in the hands of Ceasar than the whole purse of the nation is at this time in the hands of our President Jackson in part he is now in full possession of both sword and purse Ceasar said to the secratery of rome give me the money and the secretary said no person have a right to ask that but the roman Senate and Ceasar said to him that it would be as easy for Ceasar to take your life as to will it to another with that the secretary knowing that Ceasar had all power he steped aside and Ceasar took the money how was it with Andrew Jackson when he asked Mr Duane to remove the deposits and he refused [4] & he was then dismissed and a more pliable one appointed and the act is done and I believe they are sorry for it no man knows where the money of the country is Congress has no Controle [sic] over it this is a new seen [sic] in our political history., The Post office department is upwards of one milion of dollars be hind hand and the Senate is handling the post master Genl without gloves they will lay open all their acts to the people you know the president said in his last message to Congress and the nation that the post office department was in a most flourishing condition when at the same time he knew that the Post master Genl had borrowed three hundred and fifty thousand dollars from their pet Banks at six percents interest and he has over drawn upwards of fifty thousand and he is upwards of six hundred thousand dollars behind with his contractors I can show you in ten contracts where they give one hundred and twelve thousand dollars as extra to favourites this is Jackson retrenchment I must Close pleas to present me kindly to all your neighbours and receive my best wishes for your self & family, I remain with great respect your friend and obt sevt, John DrureyDavid Crockett

Background: Jackson’s decision to divert funds from the bank drew strong support from many business people who believed that the bank’s destruction would increase the availability of credit. Jackson, however, hated all banks. Based partly on his unpleasant personal experience with debt, Jackson believed that the only sound currency was gold and silver. The President launched a crusade to replace all bank notes with hard money. In the Specie Circular of 1836, he prohibited payment for public lands with anything but gold or silver. , Initially, land sales, canal construction, cotton production, and manufacturing boomed following Jackson’s decision to divert federal funds from the bank. At the same time, inflation increased dramatically; prices rose 28 percent in three years. Then in 1837, just after the election of Jackson’s hand-picked successor, Democrat Martin Van Buren, a deep financial depression struck the country. Not until the mid-1840s would the country fully recover from the effects of the Panic of 1837. , In this letter, David Crockett (1780-1836), the famous frontier hero and an anti-Jackson member of Congress from Tennessee, attacks Jackson’s withdrawal of government funds from the Bank of the United States and calls the president a tyrant ruled by personal ambition. Crockett blamed the economic panic on Jackson and his war on the bank. In 1835, pro-Jackson forces defeated Crockett’s reelection bid.